Teladoc Health, Inc. - Revision history

>Alinamoldazhanova at 18:00, 11 August 2023

2023-08-11T18:00:11Z

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	}}		}}

			https://youtu.be/0uNe9EB-8sQ

	Teladoc Health, Inc. provides virtual healthcare services in the United States and internationally. The company offers a portfolio of services and solutions covering non-urgent, episodic, chronic, and complicated medical conditions, including diabetes, hypertension, chronic kidney disease, cancer, congestive heart failure, and mental health conditions. It offers a range of programs and services, including primary and specialty care telehealth solutions, chronic condition management, expert medical services, mental health solutions, and platform and program services. The company serves employers, health plans, hospitals and health systems, and insurance and financial services companies, as well as individual members. It offers its products and services under the Teladoc, Livongo, and BetterHelp brands. The company was formerly known as Teladoc, Inc. and changed its name to Teladoc Health, Inc. in August 2018. The company was incorporated in 2002 and is headquartered in Purchase, New York.		Teladoc Health, Inc. provides virtual healthcare services in the United States and internationally. The company offers a portfolio of services and solutions covering non-urgent, episodic, chronic, and complicated medical conditions, including diabetes, hypertension, chronic kidney disease, cancer, congestive heart failure, and mental health conditions. It offers a range of programs and services, including primary and specialty care telehealth solutions, chronic condition management, expert medical services, mental health solutions, and platform and program services. The company serves employers, health plans, hospitals and health systems, and insurance and financial services companies, as well as individual members. It offers its products and services under the Teladoc, Livongo, and BetterHelp brands. The company was formerly known as Teladoc, Inc. and changed its name to Teladoc Health, Inc. in August 2018. The company was incorporated in 2002 and is headquartered in Purchase, New York.

>Alinamoldazhanova: /* Discounted Cash Flow Valuation */

2023-08-11T09:52:01Z

Discounted Cash Flow Valuation

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Manos: /* Discounted Cash Flow Valuation */

2023-08-11T09:11:55Z

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	!'''2027'''		!'''2027'''
	\|-		\|-
	!'''FCF'''		\|'''FCF'''
	!$17.9M		\|$17.9M
	!-$1,061.2M		\| -$1,061.2M
	!-$1,761.7M		\| -$1,761.7M
	!-$2,924.5M		\| -$2,924.5M
	!-$4,854.9M		\| -$4,854.9M
	\|}		\|}
	'''Terminal Value Calculation:'''		'''Terminal Value Calculation:'''

95.149.161.192 at 09:09, 11 August 2023

2023-08-11T09:09:37Z

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	== ~~Summary~~ ==		{{Infobox company
			\| name = Teladoc Health, Inc.
			\| logo = Teladoc Logo.svg
			\| logo_size =
			\| trading_name =
			\| former_name = {{ubl\|Teladoc Medical Services\|Teladoc, Inc.}}
			\| type = [[Public company\|Public]]
			\| traded_as = {{ubl\|{{NYSE\|TDOC}}\|[[Russell 1000]] component}}
			\| ISIN =
			\| industry = [[Medical care]]
			\| genre =
			\| founded = {{Start date and age\|2002}} in [[Dallas, Texas]], U.S.
			\| founders = {{ubl\|Byron Brooks\|Michael Gorton}}
			\| hq_location_city = [[Purchase, New York]], U.S.
			\| areas_served = 130+ countries<ref name="CitationK3">{{Citation\|date=April 30, 2019 \|title=Teladoc Health Reports First Quarter 2019 Results \|publisher=Teladoc \|url=https://www.globenewswire.com/news-release/2019/04/30/1813070/0/en/Teladoc-Health-Reports-First-Quarter-2019-Results.html \|access-date=November 25, 2019}}</ref>
			\| key_people = Jason Gorevic ([[CEO]])<br />Mala Murthy ([[Chief Financial Officer\|CFO]])
			\| products =
			\| brands = Teladoc, Advance Medical, Best Doctors, Livongo, [[BetterHelp]], InTouch Health, HealthiestYou,<ref name="CitationA3"/> MédecinDirect<ref name="CitationD4">{{Citation \|date= March 19, 2019\|title=Teladoc Health acquires MédecinDirect to secure French foothold \|publisher=Les Echos \|url=https://business.lesechos.fr/entrepreneurs/actu/0600917410424-medecindirect-rachete-par-teladoc-health-327880.php \|access-date=November 26, 2019 }}</ref>
			\| services = [[Telemedicine]], [[analytics]]
			\| revenue = {{nowrap\|{{increase}} {{US$\|2.4 billion\|link=yes}} (2022)}}<ref name="2023-www.healthcaredive.com">{{cite web\|url=https://www.healthcaredive.com/news/teladoc-24b-in-2022-revenue-betterhelp/639990/\|title=\|date=2023\|website=www.healthcaredive.com\|publisher=}}</ref> <ref name=AR>{{cite web\|title=Teladoc Health, Inc. 2021 Annual Report (Form 10-K) \|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001477449/000155837022002260/tdoc-20211231x10k.htm \|publisher=[[U.S. Securities and Exchange Commission]]\|date=28 February 2022}}</ref>
			\| operating_income = {{nowrap\|{{increase}} {{US$\|−265.3 million}} (2021)<ref name=AR />}}
			\| net_income = {{nowrap\|{{increase}} {{US$\|−428.8 million}} (2021)<ref name=AR />}}
			\| assets = {{nowrap\|{{decrease}} {{US$\|17.73 billion}} (2021)<ref name=AR />}}
			\| equity = {{nowrap\|{{increase}} {{US$\|16.05 billion}} (2021)<ref name=AR />}}
			\| num_employees = 5,000 (2023)<ref name="2023-about-teladochealth.com">{{cite web\|url=https://teladochealth.com/about/\|title=About\|date=2023\|website=\|publisher=Teladoc}}</ref>
			\| divisions =
			\| subsid =
			\| website = {{url\|teladochealth.com}}
			\| footnotes =
			}}

	Teladoc Health, Inc. provides virtual healthcare services in the United States and internationally. The company offers a portfolio of services and solutions covering non-urgent, episodic, chronic, and complicated medical conditions, including diabetes, hypertension, chronic kidney disease, cancer, congestive heart failure, and mental health conditions. It offers a range of programs and services, including primary and specialty care telehealth solutions, chronic condition management, expert medical services, mental health solutions, and platform and program services. The company serves employers, health plans, hospitals and health systems, and insurance and financial services companies, as well as individual members. It offers its products and services under the Teladoc, Livongo, and BetterHelp brands. The company was formerly known as Teladoc, Inc. and changed its name to Teladoc Health, Inc. in August 2018. The company was incorporated in 2002 and is headquartered in Purchase, New York.		Teladoc Health, Inc. provides virtual healthcare services in the United States and internationally. The company offers a portfolio of services and solutions covering non-urgent, episodic, chronic, and complicated medical conditions, including diabetes, hypertension, chronic kidney disease, cancer, congestive heart failure, and mental health conditions. It offers a range of programs and services, including primary and specialty care telehealth solutions, chronic condition management, expert medical services, mental health solutions, and platform and program services. The company serves employers, health plans, hospitals and health systems, and insurance and financial services companies, as well as individual members. It offers its products and services under the Teladoc, Livongo, and BetterHelp brands. The company was formerly known as Teladoc, Inc. and changed its name to Teladoc Health, Inc. in August 2018. The company was incorporated in 2002 and is headquartered in Purchase, New York.

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			== References ==

	__INDEX__		__INDEX__

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	# Deriving the Equity Value by adjusting the Enterprise Value for net debt.		# Deriving the Equity Value by adjusting the Enterprise Value for net debt.
	# Establishing the Equity Value per Share by dividing total equity value by shares outstanding.		# Establishing the Equity Value per Share by dividing total equity value by shares outstanding.
			For this analysis, we will utilize the Perpetuity Growth Method to calculate the terminal value. Key assumptions include:

	For this analysis, we will utilize the Perpetuity Growth Method to calculate the terminal value. Key assumptions include:		For this analysis, we will utilize the Perpetuity Growth Method to calculate the terminal value. Key assumptions include:
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	'''Final Year FCF''': $17.9 million (2023 projection)		'''Final Year FCF''': $17.9 million (2023 projection)
	~~'''Financial Projections:'''~~

	'''<u>Financial Projections</u>'''		'''<u>Financial Projections</u>'''
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	'''<u>Conclusion & Expert Insight</u>'''		'''<u>Conclusion & Expert Insight</u>'''

	The DCF analysis suggests ~~TDOC is considerably~~ overvalued in ~~the current market~~. However, there are a few considerations to take into account:		The DCF valuation analysis indicates a substantial discrepancy between the calculated equity value per share and the current share price. The negative value suggests that the market price may be significantly overvalued, warranting a cautious outlook for potential investors. It's important to reevaluate the underlying assumptions and data used in this analysis to ensure accuracy in assessing Teladoc Health's true intrinsic value. However, there are a few considerations to take into account:

	'''Assumptions Re-evaluation''': Our model paints a rather pessimistic picture. It’s essential to ensure growth rates, WACC, and terminal values are congruent with long-term industry expectations.		'''Assumptions Re-evaluation''': Our model paints a rather pessimistic picture. It’s essential to ensure growth rates, WACC, and terminal values are congruent with long-term industry expectations.

45.144.227.42: /* Discounted Cash Flow Valuation */

2023-08-11T06:53:19Z

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	=== '''''Discounted Cash Flow Valuation''''' ===		=== '''''Discounted Cash Flow Valuation''''' ===
	'''Assumptions and Methodology:'''		'''Assumptions and Methodology:'''

			Our DCF valuation involved the following steps:

			# Projecting the Free Cash Flows (FCF) for the next five years.
			# Calculating the Terminal Value, using both the perpetuity growth method.
			# Discounting projected FCFs and Terminal Value to the present value using a calculated Weighted Average Cost of Capital (WACC) of 8%.
			# Deriving the Equity Value by adjusting the Enterprise Value for net debt.
			# Establishing the Equity Value per Share by dividing total equity value by shares outstanding.

	For this analysis, we will utilize the Perpetuity Growth Method to calculate the terminal value. Key assumptions include:		For this analysis, we will utilize the Perpetuity Growth Method to calculate the terminal value. Key assumptions include:

	'''Perpetuity Growth Rate''': 2.0%		'''Perpetuity Growth Rate''': 2.0%

	~~'''Weighted Average Cost of Capital (WACC)''': 8.0%~~

	'''Final Year FCF''': $17.9 million (2023 projection)		'''Final Year FCF''': $17.9 million (2023 projection)
			'''Financial Projections:'''

	'''Financial Projections:'''		'''<u>Financial Projections</u>'''

	Using historical and projected financial data, we estimated future Free Cash Flows (FCFs) for Teladoc Health:		Using historical and projected financial data, we estimated future Free Cash Flows (FCFs) for Teladoc Health:
	{\| class="wikitable ~~sortable~~"		{\| class="wikitable"
	\|'''Year'''		!'''Year'''
	\|'''2023'''		!'''2023'''
	\|'''2024'''		!'''2024'''
	\|'''2025'''		!'''2025'''
	\|'''2026'''		!'''2026'''
	\|'''2027'''		!'''2027'''
	\|-		\|-
	\|FCF		!'''FCF'''
	\|$17.9M		!$17.9M
	~~\|<nowiki>~~-$1,061.2M~~</nowiki>~~		!-$1,061.2M
	~~\|<nowiki>~~-$1,761.7M~~</nowiki>~~		!-$1,761.7M
	~~\|<nowiki>~~-$2,924.5M~~</nowiki>~~		!-$2,924.5M
	~~\|<nowiki>~~-$4,854.9M~~</nowiki>~~		!-$4,854.9M
	\|}		\|}
	'''Terminal Value Calculation:'''		'''Terminal Value Calculation:'''

	Using the Perpetuity Growth Method, the terminal value is calculated as follows: Terminal Value = Final Year FCF * (1 + Perpetuity Growth Rate) / (WACC - Perpetuity Growth Rate) Terminal Value = $17.9M * (1 + 0.02) / (0.08 - 0.02) = $-89,626.0M		Using the Perpetuity Growth Method, the terminal value is calculated as follows:

			Terminal Value = Final Year FCF * (1 + Perpetuity Growth Rate) / (WACC - Perpetuity Growth Rate)

			Terminal Value = $17.9M * (1 + 0.02) / (0.08 - 0.02) = $-89,626.0M



	'''Discounted Cash Flow (DCF) Valuation:'''		'''<u>Discounted Cash Flow (DCF) Valuation</u>'''

	The present value of projected Free Cash Flows and the terminal value are calculated using the WACC of 8.0%:		The present value of projected Free Cash Flows and the terminal value are calculated using the WACC of 8.0%:

			'''Key Findings'''

			'''Projected Free Cash Flows (2023-2027)''': We observed a trend of increasingly negative FCFs over the five-year period, starting from 17.9M in 2023 and plummeting to -4,854.9M by 2027.

			'''Terminal Value''': Our perpetuity growth method rendered a Terminal Value of -89,626.0M, indicative of long-term negative growth.

			'''Enterprise Value''': The aggregated present value of FCFs and the NPV of the Terminal Value provided an Enterprise Value of -70,240.71M.

			'''Equity Value and Per Share''': Adjusting for a net debt of 627.014M, we determined an Equity Value of -70,867.7M. Dividing this by the outstanding shares (758M), we derived an Equity Value per Share of -93.49.

			'''Market Comparison''': Contrasting our valuation with the current market price, TDOC’s shares are trading at £25.08, suggesting a substantial divergence from our intrinsic valuation.


			'''<u>Conclusion & Expert Insight</u>'''

			The DCF analysis suggests TDOC is considerably overvalued in the current market. However, there are a few considerations to take into account:

			'''Assumptions Re-evaluation''': Our model paints a rather pessimistic picture. It’s essential to ensure growth rates, WACC, and terminal values are congruent with long-term industry expectations.

			'''External Factors''': Mergers, divestitures, and other corporate maneuvers could heavily influence TDOC's valuation and may not be captured in our model.

			'''Sensitivity Analysis''': We recommend a deeper dive into sensitivity analyses. Varying assumptions, especially WACC and the perpetuity growth rate, can lead to a wide range of valuations, and experts should ascertain the robustness of our findings against these variations.

			'''Complementary Valuation Methods''': DCF, while powerful, is just one lens through which to view valuation. A holistic approach might involve peer group comparisons or precedent transaction analysis.

			In summary, while our DCF suggests overvaluation, experts are advised to consider the assumptions carefully, employ sensitivity analyses, and juxtapose these findings against other valuation methodologies to make a well-informed decision.

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	<ref>https://www.macrotrends.net/stocks/charts/TDOC/teladoc-health/financial-ratios</ref>		<ref>https://www.macrotrends.net/stocks/charts/TDOC/teladoc-health/financial-ratios</ref>

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	<ref>https://www.macrotrends.net/stocks/charts/TDOC/teladoc-health/financial-ratios</ref>		<ref>https://www.macrotrends.net/stocks/charts/TDOC/teladoc-health/financial-ratios</ref>

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	<ref>https://www.macrotrends.net/stocks/charts/TDOC/teladoc-health/financial-ratios</ref>		<ref>https://www.macrotrends.net/stocks/charts/TDOC/teladoc-health/financial-ratios</ref>